September 30, 2019
BALTIMORE, MD (September 30, 2019) – A joint venture between MCB Real Estate and Artemis Real Estate Partners has acquired Liberty Place – a 174,000 square foot Trophy Office building situated at 325 7th St NW, Washington, DC.
The 12-floor office building with penthouse is advantageously located within a short walk of the National Mall, the Washington Monument and the United States Capitol Building. Centered in close proximity to the Federal Triangle and Gallery Place-Chinatown Metro Stations as well as Pennsylvania Avenue, New York Avenue, and Interstates 395 and 695, the property makes for easy commuting throughout Washington D.C. and beyond.
In 2015, the former ownership Paramount Group (NYSE:PRGE) invested $13.4M for LEED Gold certified renovations and new features which included an expanded roof deck with “classic” Washington DC views, an oversized fitness center, modernized lobby and elevators, conference center, and Starbucks with interior access.
“MCB is incredibly excited to continue its long-term partnership with Artemis with the acquisition of Liberty Place” said P. David Bramble, managing partner of MCB Real Estate.
Currently the building stands at 92% occupied with an array of blue-chip government affairs tenants including Alibaba Group Holding Ltd., ConocoPhillips, Fidelity Investments and Toyota; with retail tenants Starbucks and FedEx Office on the ground level.
A team from Eastdil Secured, including Collins Ege and Sean McDermott, represented Paramount in the transaction.